The US Dollar (USD) is likely to edge higher. As upward momentum is not strong; any advance is unlikely to reach 7.2980. USD is still trading in a 7.2600/7.3100 range, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
Rangebound within 7.2600/7.3100
24-HOUR VIEW: “We expected USD to trade in 7.2682/7.2880 range last Friday. USD then traded between 7.2763 and 7.2895, closing at 7.2867 ( 0.11%). There has been a slight increase in momentum. Today, USD is likely to edge higher. As upward momentum is not strong, any advance is unlikely to reach 7.2980. Support is at 7.2770, followed by 7.2700.”
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